HomeMy WebLinkAbout2001 - Deed of Trust - Chin Gilbert - 20010531002239Return To: LONG BEACH MORTGAGE COMPA
P.O. BOX 201085
STOCKTON. CA 95202
20010531002239
KING COUNTY, NR
Assessor's Parcel or Account Number: \ a sa o -
Abbreviated Legal Description:
Full legal description located on page 2 .
i8r•c. Above This floe For Recording Data]
[Include lot, block and plat or aeedon, township and rand'
DEED OF TRUST
C
cv TIES DEED OF TRUST ( "Security Instrument ") W. taed0 on May
. 4 • GILBERTW CHIN, AS HIS SEPARATE ESTATE
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16 , 2001 . The grantor is
FIDELITY NATIONAL TITLE
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(" Borrower "). The trustee is FIDELITY RATIONAL. TITLE
("Trustee "). The beneficiary is LONG BEACH MORTGAGE COMPANY
which is organized and existing under the laws of the State of Delaware
address Ls 1100 TOWN & COUNTRY ROAD, ORANGE. CA 92868
( "Lender "). Borrower
sum of Two Hundred Seventy Nino Thousand and/to/100
Dollars (U.S. S
WASHINGTON - Singh Family- fNMARcHLMC UNIFORM INSTRUMENT
Form 3040 0190
4134,451•11WA) (9701) Amend ''• 3 •
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This debt is evidenced by Borrower's note dated the same date as this Security Instalment ( "Note "),
which provides for monthly payments, with the OM debt, if not paid earlier, due and payable on
June 1 , 2031 . This Security Instrument secures to Lender: (a) the repayment
of the debt evidenced by the Note, wltdr interest. and all renewals, extensions and modifications of the Note;
(b) the payment of all other suss, with interest, advanced under paragraph 7 to protect the security of this
Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Security
Instrument and the Note. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust,
with power of sale, the following described property located in KING
County, Washington:
LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF
which has the address of 16804 53RD AVENUE 5 TUKVtWILA; , (street. cry).
Washington 98188 l2#a Co ael ( "Property Address ");
TOGET1iER WXTh'i all the improvements now or hereafter erected on the property, and all easements.
appurtemme es. and iixtnres now or hereafter a part of the property. All replac rnents and additions shall also
be covered by thts Security Instrument, All of the foregoing is referred to in this Securlry Instrument as the
"Property.
BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has tie
right to grant and convey the - and that the Property h unencumbered, except for encumbrances 01'
record. Borrower warrants and will defend generally the dtle to the Property against all claims and demands,
subject to any encumbrances of record.
THIS SECURITY INSTRUMENT combines ttniforrn covenants for national use and non- uniform
covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real
P UNWO�RIA coVENANTS. Borrower and Lender covenant and agree as follows; p
wbex duo Payment
principal of � �Intteres� Interest; ct m the debt eviidencedd b yrheCNote wand any nand la o
charges due under the Note.
Z. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender,
Borrower shall pay to Lender on the day monthly payments aro due under the Note. mull the Note is paid in
full, a sum ( "Funds ") for: (a) yearly taus and assessnxnts which may attain priority over this Security
Instrument as a lien on the Property; (b) yearly leasehold p is or ground rents on the Property, if any,
(c) yearly hazard or property insurance premiums; (d) y y flood insurance premiums, if any; (e) yearly
aortgage insurance prctnlums, if any; and (f) any sums payable by Borrower to Lender, in accordance wilts
the provLvions of parag ppb 8, in lieu of the payment of mortgage insurance premiums. These items are
called "Escrow It ems." Lkander may, at any time, collect and hold Funds in an amount not to exceed the
maximum amount a lender for a federally related mortgage loan may require for Borrower's escrow account
under the federal Real Estate Settlement Procedures Act of 1974 as amended from time to time, 12 U.S.C.
Section 2601 et seq. Mtn-SPA"). unless another law that ;wiles to the Funds seta a lesser amount If 50,
Lender may. at any time, collect and hold Funds in an amount not to exceed the lesser amount. Lender may
estimate the amount of Funds due on the basis of current dam and reasonable estimates of expenditures of
future Escrow Items or otherwise in accordance with applicable law.
The Funds shall be held in an institution whose deposits are insured by a federal agency,
instrumentality, or entity (including Lender, if Lender is such an institution) or in any Fpd1 Loan
InMata,
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Bank. Lender shall apply the Funds to pay the Escrow Items. Lender may not charge Borrower tor holding
and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless
Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge.
However, Lender may require Borrower to pay a one -time charge for an independent real estate tax reporting
service used by Lender in connection with this loan. unless applicable law provides otherwise. Unless an
agreement is made or applicable law requires interest to be paid, Lander shall not be required to pay
Borrower any interest or earnings on the Funds. Borrower and Lander tnsy agree in writing, however, that
interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of
the Funds, showing credits and debits to the Funds and the purpose for Which each debit to the Funds was
made. The Funds are pledged as additional security for all sums secured by this Security Instrument.
If the Funds held by Lender exceed the amounts permitted to be held by applicable Iaw, Lender shall
account to Borrower for the excess Funds in accordance with the requirements of applicable law. If the
amount of the Panda held by Lender at any time is not sufficient to pay the Escrow Items when due, Lender
may so notify Borrower in writing, and. in such case Borrower shall pay to Lender the amount necessary to
make tip the deficiency. Borrower shall make up the deficiency in no ruore than twelve monthly payments. at
Lender's sole discretion.
Upon payment In full of all sums secure d by this Security instrument, Lender shall promptly refund to
Borrower any Funds held by Lender. It under paragraph 21, Lender shall acquire or sell the Property,
Lender, prior to the acquisition or sale of the Property, shall apply any Funds held by Lender at the tirne of
acquisition or sale as a credit against the runs secured by this Security Instrument.
3. Application or Payments. Unless applicable law provides otherwise, ale payments received by
Lender under paragraphs 1 and 2 shall be applied: Brat, to any prepayment charges duo under the Note;
second, to amounts payable under paragraph 2; third, to interest due: fourth, to principal due; and last, to
any lava charges due under the Note.
4. Charges; Liam. Borrower shall pay all taxes, assessments, charges. fines and Impositions
attnbutable to the Property which may attain priority over this Security htstturnent, mad leasehold payments
or ground rents, If any. Sotrower shall pay these obligations in the manner provided in paragraph 2, or of
not paid In that manner, Borrower shall pay them on time directly to the person owed payment. Borrower
shalt promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes
these payments directly, Borrower shall promptly fumiah to Lender receipts evidencing tho payments._
Borrower shall promptly discharge any lien which has priority over this Security Instrument unless
Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable
to Lender, (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal
proceedings which in the Lender's opinion operate to prevent the enforcement of the hen; or (c) secures
from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security
Instrument. If Lender determines that any pm of the Property is subject to a lien which may attain priority
over this Security Instrument. Lender may give Borrower a notice identifying the lien. Borrower shall satisfy
the lien or take one or snore of the actions set forth above within 10 days of the giving of notice.
S. hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter
erected on the Property insured against loss by fire, hazards included within the term "extended coverage"
and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance
shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing
rho insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably
withheld. If Borrower fails to maintain coverage described above, Lender may. as Lender's option, obtain
coverage to protect Lender's rights in the Property in accordance with paragraph 7.
All insurance policies And renewals shall be acceptable to Lender and shall include a standard mortgage
clause. Lender shall have the right to hold the policies and renewals. If Leader requires, Borrower shall
promptly gave to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower
shall give prompt notice to the insurance carrier and Lender. Lender may snake proof of loas if not made
promptly by Borrower.
Unless Lender and Borrower otherwise agree in writing, Insurance proceeds shall be applied to
restoration or repair of the Property damaged, 12 the restoration or repair Is economically feasible and
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Lender's security b not lessened. It the restoration or repair Is not economically feasible or Lender's security
would be lessened, the insurance proceeds shall be applied to the sums secured by Chic Security Instrument,
whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or does not
answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then
Lender may collect the insurance proceeds. Lender may use the proceeds to repalt or restore the Property or
to pay stuns secured by this Secunty Instrument, whether or not then due. The 30-day period will begin
when the notice is given.
Uniess Lender and Borrower otherwise agree in writing, any application of proceeds to pnncipal shall
not extend or postpone the due data of the monthly payments referred to in paragraphs 1 and 2 or change the
amount of the payments. If under paragraph 21 die Property is acquired by Lender. Borrower's right to any
Insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to
• Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition.
6. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan
Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal
residence within sixty days after the execution of this Security instrument and shall continue to occupy the
Property as Borrower's principal residence for at Ieast one year after the date of occupancy, unless Lender
otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating
circumstances exist which are beyond Borrower's control. Borrower shati trot destroy, damage or impair the
Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall be m default if
any forfeiture action or proceeding. whether civil or criminal, is begun that hi Lender's good faith Judgment
could result in forfeiture of the Property or ',there/lee materially =pat the lien created by this Security
Instrument or Lender's security interest. Borrower may sue such a default and reinstate. as provided in
paragraph 18, by causing the action or proceeding to be dismissed with a ruling that. in Lender's good faith
determination, precludes forfeiture of the Borrower's inrerrst in the Property or other material irnpairment of
the Hen created by this Security Instrument or Lender's security interest. Borrower shell also be in default if
Borrower, during the loan application process, gave materially false or inaccurate information or statements
to Lender (or failed to provide Leader with any material information) in connection with the loan evidenced
by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property
as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with all the
provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not
merge unless Lender agrees to the merger in writing.
7. Protection of Lender's Rights in the Property. If Borrower fails to perform the covenants and
agreements contained in tbia Security Instrument, or there is a legal proceeding that may significantly affect
Lender's rights ao the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture
or to enforce laws or regulations), then Lander may do and pay for whatever is necessary to protect the value
of the Property and Lender's rights in the property. Lender's ssctiona may include paying any sums secured
by a lien which has priority over this Security Instrtnuent, appearing in court, paying reasonable attorneys'
fees and entering on the Property to make repitlm. Although Lender may take action under this paragraph 7,
;.ender does not have to do so.
Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower
secured by this Security Insrruutent. Unless Borrower and Lender agree to other terms of payment, these
amounts shall bear interest from the date of disbursement settle Note rate and %hall be payable, with interest,
upon notice from Lender to Borrower requesting payment.
a. Mortgage Insurance. if Lender required mortgage insurance as a condition of making the loan
secured by this Security Instrument, Borrower shall pay the premiums required to maintain the mortgage
insurance in effect. If, for any reason, the mortgage insurance coverage required by Lender lapses or ceases
to be in etfect. Borrower shall pay the premiums requited to obtain coverage substantially equivalent to the
mortgage insurance previously m effect, at a cost subatamdally equivalent to the cost to Borrower of the
mortgage insurance previously in effect, from an alternate mortgage insurer approved by Lender. If
substantially equivalent mortgage uisnrance coverage is not available, Borrower shall pay to Lender each
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month a sum equal to one- twelfth of the yearly mortgage insurance premium being paid by Borrower when
the insurance coverage lapsed or ceased to be in effect. Lender will accept, use and retain these payments as
a Ioss reserve in lieu of mortgage insurance. Loss reserve payments may no longer be required, at the option
of Lender, if mortgage Insurance coverage (In the amount and for the period that Lender requires) provided
by an insurer approved by Lender again becomes available and is obtained. Borrower shall pay the premiums
required to maintain mortgage insurance in effect, or to provide a loss reserve, until the requirement for
mortgage insurance ends in accordance with any written agreement between Borrower and Lender or
applicable law.
9. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property.
Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the
inspection.
10, Condemnation. The proceeds of any award or clalin for damages, direct or consequential. in
connection with any condemnuniou or other taking of any part of the Property. or for conveyance in lieu of
condemnation. are hereby assigned and shall be paid to Leader. •
In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this
Security inurement, whether or not then due, with any excess paid to Borrower. In the event of 'a partial
taking of the Property in which the fair market value of the Property immediately before the taking is equal
to or greater than the amount of the sums secured by this Security Instrument immediately before the calcine.
unless Borrower and Lender otherwise agree in writing, the sutras secured by this Security Instrument shall
be reduced by the amount of the proceeds tmikiphed by tho following fraction: (a) the wail amount of the
sums secured immediately before the taking, divided by (b) the fair market value of the Property
launcdlately before the taking. Any balance shall be paid to Borrower. In the event of a partial taking of the
Property in which the fair market value of the Property immediately before the taking is less then the amount
of the corns secured immediately before the taking, unless Borrower and Lender otherwise agree in writing
or unless applicable law otherwise provides, the proceeds shall be applied to the sums secured by this
Security Instrument whether or not the sums are then due.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor
CS, offers to make an award or settle a claim for damages, Borrowed' fails to respond to Lender within 30 days
after the date the notice is given, Lender is authorized to collect and apply the proceeds, at us option, either
c to restoration or repair of the Property or to the sums secured by this Security instrument. whether or not
o then due.
o Unless Lender and Borrower otherwise agree in writing. any application of proceeds to principal shall
not extend or postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the
c' amount of such payments.
Ur, 11. Borrower Not Released; Forbearance By ){.eerier Not a Waiver. Bxte neon of the dare for
payment or modification of amortization of the sums secured by this Security Instrument granted by Lender
to any successor in interest of Borrower sball'not operate to release the liability of the original Borrower or
°.
o Borrower's successors in interest. Lendea• shall not be required to commence proceedings against any
successor in interest or refuse to extend time for pays rat or otherwise modify amortization of the sums
secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's
successors in interest. Any forbearance by Leander in exercising any right or remedy shalt not be a waiver of
or preclude the exercise of any right or remedy.
12. Successors and Assigns Ammd; Joint and Several Liability; Co- signers. The covenants and
agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and
Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and
several. Any Borrower who co -signs this Security Instillment but does not execute the Note: (a) u co- signing
ibis Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under
the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security
instrument; and (c) agrees that Lender and any other Borrower may agree to extern], tnodi , f•rbear or
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make any accommodations with regard to the terms of this Security Instrument or the Note without that
Borrower's consent.
13. Loan Changes. If the loan secured by this Security Instrument is subject CO a law which sets
maximum loan charges. and that law is finally interpreted so that the interest or other loan charges collected
or to be collected in connection with the loan exceed the permitted limits, then: (a) any such loan charge
shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any Bums
already collected from Borrower, which exceeded permitted limits wilt be refunded to Borrower. Lender may
choose to make this retbnd by reducing the principal owed under the Note or by malting a direct payment to
Borrower. If a refund reduces principal, the naduction will be treated as a partial prepayment without any
prepayment charge under the Note.
14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by
delivering it or by mailing it by first class mail tortes, applicable law requires use of another method. The
notice shall be directed to the Property Address or any other address Borrower designates by notice to
Leader. Any notice to Lender shalt be given by first class mall to Lender's address stated herein or any other
address Lender designates by notice to borrower. Any notice provided for in this Security Instrument shall
be deemed to have been given to Borrower or Lender When given as provided in this paragraph.
15. Governing Law- Severability. This Security Installment shall be governed by federal law
and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of
this Security Instrument or die Note conflicts with applicable law, such conflict shall not affect other
provisions of this Security Instrument or the Note which can be given effect without the conflicting
provision. To this end the provisions of this Security Instrument and the Note are declared to be severable.
16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security
Instrument. 1
17. Transfer of the Property or a Beneficial Interest In lIorrawcr. If all or any part of the Property
or any interest in it is sold or transferred (or if a beneficial interest in Borrower is. sold or transferred and
Borrower is not a natural parson) without Lender's prior written consent, Lender may, at its option, sequin
immediate payment in full of all sums secured by this Securhy Instrument. However. this option shall not be
exercised by Lender if exexoise is prohibited by federal law as of the date of this Security Instrument.
If Lender room-beg this option, Lender shall give Borrower notice of Acceleration. The notice shall
provide a period of not leas than 30 days from the date the notice is delivered or mailed within which
Borrower must pay all sums secured by this Security instrument. If Borrower fails to pay those sums prior to
the expiration of this period, Lender may invoke any remedies permitted by this Security Instsunxcnt without
further notice or demand on Borrower.
18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the
right to have enforcement of this Security Instrument discontinued. at any time prior to the earlier of (a) 5
days (or such other period as applicable law may specify for reinstatement) before sale of the Property
pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this
Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due
under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any
other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument,
inciudiug, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably
require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's
obligation to pay the sums secured by this Security Instrument shall continua unchanged. Upon =Instatement
by Borrower. this Security Ins'-uznene and the obligations secured hereby ehali remain fully effective as if no
acceleration had occurred. However. this right to reinstate shall not apply in the case of acceleration under
paragraph 17.
19. Sale of Note; Change of Loan Servicar. The Note or a partial interest in the Note (together with
this Security Instrument) may be sold one or more time[ without prior notice to Borrower. A sale may result
in a change in the entity (known as the "Loan Servicer ") that collects monthly payments due under the Note
and this Security Instrument. There also may be one or more changes of the Loan Servicer unrelated to a sale
of the Note, If there as a change of the Loan Servieor, Borrower will be given written notice of the change in
accordance with paragraph 14 above and applicable law. The notice will stare the name and address of the
new Loan Servicer and the address to which payments should be made. The notice will al non any
other information required by applicable law. lnit�aty'tC 8
,.6H {WA) (9701) Pepe 8 of 8 nn 3048 9190
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20. Hazardous Substances. Borrower shall not cause or permit the presence, use. disposal, storm or
release of any Hazardous Substances on or in the Property. Borrower shall not do nor allow anyone else to
do. anything affecting the Pniperty that is in violation of ally Environmental do, The preceding two
atsstences sball.not apply to the presence, use, or storage on the Properly of small quantities of Hazardous
Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of
the Property. er shall promptly give Lender written notice of any investigation, claim. demand, lawsuit or
other action by any governmental or regulatory agency or private patty Involving the Property and any Substance or Environmental Law of wluch Borrower has actual knowledge. If Borrower learns,
or is notified by any governmental or regulatory authority, that any removal or other =mediation of any
Hazardous Substance affecting the Property is necessary. Borrower shall promptly take all necessary
remedial actions in accordance with Envir091:00 ital Law.
As used in this paragraph 20, "Hazardous Substances" are those substances defined as toxic or
hazardous substances by Environmental Law and the following substances: gasoline, kerosene. other
flammable or toxic petrolcturt products. turtle pes[icides and herbicides. volatile solvents, materials
containing asbestos or formaldehyde. and radioactive materials. As used in this paragraph 20,
"Environmental Law" means federal laws and ISMS of the jurisdiction where the Property is located that
relate to health, safety or environmental protection.
NON UNIFORM COVENANTS. Borrower and Lender anther covenant and agree as follows:
21. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following
Borrower's breach of any covenant or agreeaneat in thin Security Instrument (but not prior to
acceleration under paragraph 17 unless applicable law provides otherwise). The notice shalt epacif'yz
(a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the
date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure
the default on or before the date ed in the notice may result In acceleration of the SUMS secured
by this Security Instru=ment and • of the Property at public auction at a date not less than 120 days
in the future. The notice shall Rather Lamm Borrower of the right to reinstates after acceleration, the
right to bring a court action to assert the non- adstence of a default or any other defense of Borrower to
acceleration and sale, and any other matters required to be included in the notice.by applicable law. it
the default is not cured on or before the date spec- in the notice, Lender, at its option, may require
immediate payment in Rill or an rums secured by this Security Instrument without further demand and
may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be
C-71 c titled to collect all expenses incurred in pursuing the remedies provided In this paragraph 21,
4e di Lender g, bu not limited to, reasonable attorneys* fees and costs of title evidence.
power of sale, Leader shall give written notice to Trustee of the occurrence
cam- of an event of default and of Lender's election to cause the Property to be sold. Trustee and Lender
shalt take such action regarding notice of sale and shall give such notices to Borrower and to other
persons publication of the notice or aaaale, Trrust�ee, with demand an on Borrower, shhallena l the Property and tatt
eve public auction to the highest bidder at the time and place and under the terms designated in the notice
ers of sale in one or more parcels and in any order Trustee determines. Trustee may postpone sale of the
o Property for a period or gcelodsermitted by applicable law by.public announcement at the tine and
place fixed In the notice o sale. I .p der or its doargnee may purchase the Property at any sale.
ace Trustee shall deliver to the purchaser Trainee** deed copy the Property without any covenant
eta or warranty, expressed or implied. The recitals in the Trustee a (dead .ball -be prima fade evidence of
the truth or the li =menses roof made therein. Trustee the sale, iaelu , but nil ilimi�ted the o, reasonable the
order. (a) to all
fees- (b) to all sums secured by this Security and (c) any excess to the person or persons
legally entitled to it or to the cleric of the superior court of county in winch the sale took place.
22. Reconvcyance. Upon payment of all stuns seethed by this Security Instrument, Lender shall
request Trustee to xeconvey the Property and shall snrnnder this Security instrument and all notes
evidencing debt secured by this Security Instrument to Trustee. Trustee shall reconveeyy the Property without
warranty to the person or persons legally entitled to it. Such person or persons shall pay any recordation
costs. Lender may charge such person or pt n fee for To:convoying eProperty. but only if the fee is
ch
paid to a third party (su as the Trustee) of r services rendered and the charging of the fee it permitted under
applicsible law.
23. Substitute Trustee. In accordance � with aappplicable law, Lender may from Homo to time appoint a
successor trustee to any Trustee pointed heretmder who has ceased to act. Without conveyance of the
Property, the successor trustee shall succeed to all the tide. power and duties conferred upon Trustee herein
and b applicable law.
24. Use of Property. The Property is not used principally for agricultural or farrYt• see.
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25. Riders to this Security Instrument. If ono or more riders are executed by Borrower and recorded
together with this Security Instrument, the covenants and agreements of each such rider shall be incorporared
into and shall amend and supplement the covenants and agreements of Una Security Instrument as if the
rider(s) were a part of this Security Instrument.
[Check applicable box(es)]
Adjustable Rate Rider Condominium Rider 1-4 Family Rider
Graduated Payment Rider • Planned Unit Development Rider Biweekly Payment Rider
Balloon Rider Rate Improvement Rider Second Home Rider
VA Rider Others) fspecify]
BY SIGNING BELOW. Borrower accepts and agrees to the terms and covenants contained in this
Security Instrument and in say ride r(s) executed by Borrower and recorded with 1t.
Witnesses:
(Seal) (Seal)
-Borrower -Borrower
(Seal) (Seal)
-Borrower - Borrower
(Seal) (S�)
- Borrower Borrower
Cbtmi<y of 'e e s
On this day penso appeared befom a►e
STATE OF WASHINGTON
to me known to be the - Idual 5 described in sari
and acknowLedgeed that Q_ signed the same as
deed. for the uses and purposes therein mentioned.
GIVEN under m,�c�}ertes and,,pfflcial seal this i
z•` te. EXPrgFS� 4
<tT am° 2 t
V o 4:),* J0J c.r: Z :
who executed tine within and foregoing iusb ument,
free and voluntary act and
Notary
In and for she Sync of Washington. reaidhzg it
• My Appointment Bxpi on — (L( 0 Z
-j - 6H(WA) (9701) Page 8 of 8
TOWNS IOYSWo1) Lti
Perm 3040 9/90
FIXED /ADJUSTABLE RATE RIDER.
(LIBOR Index - Rate Craps)
THIS FIXBDIADMUSTABLB RATE RIDER is mado on 16th day of May
2001 , and is incorporated into and shall be deemed to amend an supplement the Mortgage,
Deed of Trust or Security Deed (the "Security instrument ") of the same date given by the undersigned (the
"Borrower ") to secure Borrower's Plxed!AdJustahle Rate Not (the "Note ") to:
LONG BEACH MORTGAGE COMPANY
(the "Under') of the same dare and covering the property described in the Security Instrument and located
at: 16804 53171 AVRNUE S
TUKWILA, WA 98188
(Progeny Aaereed
•
THE NOTE. PROVIDES FOR . A CHANGE IN THE BORROWER'S FIXED
INTEREST RATS AND TO AN ADJUSTABLE INTEREST RATE. THE NOTE
LIMITS THE AMOUNT THE BORROWER'S ADJUSTABLE RATE CAN
CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER
MUST PAY.
C.12, ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security
lnstrument. Borrower and Leader Anther covenant and agree as 'Mows:
o A, ADJUSTABLE RATE AND MONTHLY PAYMENT CHANGES
s - The Note provides for an initial fixed interest rate of 9.750 910, The Note also
c+." for a change in the initial fixed rate to an sdjustable interest rate, as Hollows:
1. ADJUSTABLE Imrsttner RATE AND MONTULf PATMENT CHANGES
(a) Change Dates
NThe Initial fixed interest rate will change to an acJjustable interest rate on the first day of
June . 2003 . and on the first day of the month every 6th month
thereafter. Each date on which the adjustable interest rare could change is called a "Change Date."
(b) The Index
'Beginning with the first Change Date, the interest rate will be based on an Index. The "Index" is the
average of the London interbank offered rates for six month dollar deposits in the London market based on
quotations at five =gm* banks ( "LIBOR "), as set forth in the "Money Rates" section of The Wall Street
FbweIAdluatoble Rote Rlder - Ubor
t1140262 (9904)
41402e21 (00/21020) PC
Page 1 of 3
ELECTRONIC LASER FORMS, INC. - (800)327 -OEi45
Loan No. 9510968 -30314
Journal, or if the Money Rates section ceases to be published or becomes unavailable for any reason, then
as sem, forth in a comparable publication selected by the Lender. The most recent Index figure available as
of the date 45 days before each Change Date is called the "Current Index."
(c) Calculation of Changes
Before each Change Date, die■Lender will calculate nay new interest rate by adding
F1ve and Three Fourths percentage point(s) ( S.750 96)
t0 the Current Index. The Lender will then round the result of this addition. to the nearest one - eighth of one
percentage point (0.IZ5%). Subject to the limits atated in Section 1(d) on the following page, this rounded
amount will be the new interest rate until the next Change Date.
The Lender wilt then determine the amount of the monthly payment that would be sufficient to repay
the unpaid principal balance as of the Change Date in full on the Iviaturity Date at the new interest rate in
substantially equal payments. The result of this calculation will be the new monthly payment.
(d) Lhsdte on Interest Rata Changes
The interest rate at the first Change Date will not be greater than 10.750 % or less
than 9.750 %. Thereafter, the adjustable interest rate will never be increased or
decreased on any single Change Date by more than One
percentage pow ( 1.000 %) from the rate of interest applicable during the preceding
6 months. The adjustable interest rate will never be greater than 15.750 %, which is
called the "Maximum Rate" or less than 9.750 96, which i8 called the "Minimum Rate ".
(e) Effective Date of Changes
Each new adjustable interest race will become effective on each Change Date. The amount of each new
monthly payment will be due and payable on the first monthly payment date after the Change Date until
the amount of the monthly payment changes again.
c`.o (f) Notice of Chang
The Lender will deliver or mail a notice of any changes in the adjustable Interest rate and the amount of
the new monthly payment to the Borrower before the effective date of any change. The nonce will include
4 information required by law to be given to the Borrower and also the title and telephone number of a
person who will answer any queations regarding the notice.
c*7r
"'r' B. TitANNSFER OP TUE PROPERTY OYt A B$NEFZCTAL INTEREST IN BORROWER
1. Until Borrower's initial fixed interest rate changes to an adjustable interest ran under the terms stated in
Section A above, Uniform Covenant 17 of the Security Instrument provides as follows:
Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the doperty or any
Interest in it is sold or transferred (or if a beneficial Interest in Borrower is sold or transferred and
Borrower is not a naturalperson) without Lender's prior written consent, Leader may, at Its option,requlre
immediate payment in full of all sums secured by this Security Insmtment. However, this option shall not
be exercised by Lender if exercise is prohibited by federal law as of the date of this Sectuhty Inatrutnent
If Lender exercises this option, tender shall give Borrower notice of acceleration. The notice shall
provide a period of not less than 30 days front the date the notice is delivered or Balled within which
Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sumo prior
taxad /Adjustabio Rate Rider - Libor
• Ok.4140262 (9004)
41402022100/23109) PC
ki'
Pape 2 of 3
Loan No. 0576968.30314
to the expiration of this pcdod, Leader may invoke any remedies permitted by this Security Instrument
without further notice or demand on Borrower.
2. Whet Borrower's Initial fixed interest rate changes w an adjustable interest rate under the terms stated
in Section A above. Uniform Covenant 17 of the Security Instrument contained In Section B(1) above shall
then cease to be in effect, and Uniform Covenant 17 of the Security Instrument shall be amended to read as
follows:
Tamer of the Property or a Beneficial Interest in Borrower. If all or any pact of the Property or
any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and
Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option,
require immediate payment in full of all sums secured by this Security Instrument. However, this option
*ball not be exercised by Lender if exercise is prohibited by federal Law as of the date of this Security
Instrument. Lender also aball not exercise this option if: (a) Borrower causes to be submitted to Lender
information required by Lender to evaluate the intended transferee as if a new loan were being made to the
transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the Ioan
assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is
acceptable to bender.
To the • extent permitted by applicable law, Lender may charge a reasonable fee as a condition to
Lender's consent to the loan assumption. Lender also may require the transferee to sign an assumption
agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and
agreeanents made In the Note and in this Security Instrument. Borrower will continue to be obligated under
the Note and Security Instrument unless Lender releases Borrower in writing.
Tf Lender exercises the option to require immediate payment in hill. Lender shall. give Borrower notice
of amcloratio*. The notice shall provide a period of not less than 30 days from the date the notice is
delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. It
Borrower flails to pay these sums prior to the expiration of this period, Lender may Invoke any remedies
permitted by this Security Instrument without further none° or demand on Borrower.
BY SIGNING BELOW. Borrower accepts and agteea to the teens and covenants contained in this
Fixed/Adjustable Rate Rider.
"`t5
I J (Seal)
- Borrower
(Seal)
- Borrower
(Seal)
•Bortowct
(Seal)
- Bormwet
[Sign Original Only/
Fixed /Adjustable Rate Rider - Libor
4140262 (9904) Pape 3 of 3 Loan No. 9576988- 30314
414021123 toaradDP) PC